|19 August, 2019

Mideast Stocks: Gulf markets mixed but Saudi outperforms on banks

All but one real estate shares fall in Dubai

A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015.

A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015.

REUTERS/Faisal Al Nasser

Saudi Arabian stocks were lifted on Monday as most of its banking shares rose amid rising oil prices, while other Middle Eastern bourses in the region were lacklustre.

Crude oil prices rose following a weekend attack on a Saudi oil facility by Yemeni Houthi forces and as traders looked for signs of progress in U.S.-China trade negotiations.

Saudi Arabia's index rose 0.5% with Al Rajhi Bank, adding 0.8% and Saudi Telecom increasing 2.4%.

The telecommunication firm said it was working to terminate a TV broadcasting agreement with General Sport Authority and the Saudi Arabian Football Federation, citing a lack of commercial feasibility for the agreement.

Capping the gains was Al Yamamah Steel Industries which lost 3.4% though it reported narrower loss for the third quarter. 

Qatar's index closed 0.2% up extending gains in the previous session when it ended a three-day losing streak. The index has steadied after the central bank on Thursday said Qatar's economic growth would accelerate over the next two years amid expectations of stable oil prices and continued strong exports. 

Among the boosts to the index were Barwa Real Estate gaining 2.7% and Qatar Navigation rising 2.3%.

In Abu Dhabi, the index fell for the second consecutive day to close 0.2% down as First Abu Dhabi Bank declined 0.4% and Emirates Telecommunications Group lost 0.5%

Dubai's index reversed course to close 0.2% down as Emaar Properties and its unit Emaar Malls dropped 0.8% and 2.1% respectively.

In Egypt, the blue-chip index fell 0.7% with Commercial International Bank losing 0.5%.

(Reporting by Maqsood Alam in Bengaluru; Editing by Angus MacSwan) ((Maqsood.Alam@thomsonreuters.com;))

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